Starlight Enterprises began operations on January 1, 20X1. Throughout the year, the company conducted various transactions to
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Question:
"Starlight Enterprises" began operations on January 1, 20X1. Throughout the year, the company conducted various transactions to advance its business. Record the following transactions in the general journal.
Transactions:
- Issued 6,000 shares of common stock at $60 per share, receiving cash.
- Purchased inventory worth $55,000 on credit from "Galactic Suppliers."
- Sold goods for $85,000 in cash.
- Paid $40,000 to "Galactic Suppliers" for the inventory purchased.
- Acquired computer equipment worth $70,000 in cash.
- Received a utility bill for $9,000.
- Paid rent amounting to $12,000.
- Sold goods worth $70,000 on credit to "Star Retailers."
- Received $60,000 from "Star Retailers" for the sale made on credit.
- Paid salaries totaling $25,000.
Requirement:
Journalize all these transactions into a general journal.
Posted Date: